Stakeholders in commercial property agent GVA have voted overwhelmingly in favour of a deal to sell the partnership to German engineering and real estate conglomerate, Bilfinger.

GVA, which trades in Scotland as GVA James Barr following the merger of GVA with James Barr in October 2013, said the “strategic partnership” proposal with Bilfinger was approved by 99 per cent of its stakeholders.

No financial details on the deal have been released.

The deal with Bilfinger Real Estate follows a six month review by investment bank Canaccord Genuity which had investigated GVA’s options for medium to long-term growth.

In January, GVA had ruled out a refinancing and hinted it would pursue an IPO or merger after Canaccord advised a refinancing would only return GVA to the same position it was in when Lloyds Development Capital (LDC) acquired its stake in 2008 for £40 million.

Following the Canaccord review, Bilfinger and GVA went on to sign a memorandum of understanding to establish a merger, and the proposal was put to GVA's 280 director stakeholders in May.

LDC, reported to be keen to exit from GVA, used its position from its 27.5 per cent holding in GVA to put the decision on the partnership to a ‘yes’ or ‘no’ vote.

With the vote now in, the transaction will see GVA transfer its existing shares to give Bilfinger Real Estate 100 per cent ownership.

GVA, the UK's largest independent property advisor, will join Bilfinger Real Estate, which sits within a global conglomerate which generates turnover of more than euro 8.5 billion a year.

Rob Bould, chief executive of GVA said: “Obviously we’re delighted with the outcome of the vote.

“There can be no other clearer indication that this is what we as a collective feel is the best cause of action to ensure GVA’s future growth and prosperity.

”Keith Aitken, Regional Senior Director of GVA James Barr in Scotland, said: “This latest chapter in our 200 year history marks a real milestone for GVA James Barr.

“I have no doubt that our partnering with Bilfinger Real Estate will transform our drive for major growth and significantly strengthen our ambitions to compete with our largest rivals, both here in Scotland on the world stage.”

Aydin Karaduman, chief executive of Bilfinger Real Estate, said: “We are pleased, and very excited to see that what we are working towards is a popular cause of action for GVA stakeholders, as it is here at Bilfinger Real Estate.

“This very positive sentiment within both companies towards the move will help ensure a successful transition and integration over the coming months and years.”